lesson 4 Flashcards
(20 cards)
describe customer discovery
make a business plan, construct a hypothesis, test outside of the building, verify or pivot
describe customer validation
talk to customer, get feedback, founder should do it, verify or repeat
what is hypothesis testing?
testing your understanding of the customers’ problems or needs
how should you test your hypothesis?
test your guesses, get out of the building, get feedback; change the canvas, pivot or verify
what is the minimum viable product?
product built with the minimum features in order to get feedback
purpose of the MVP
build the prototype to save time and money and then show to customer to get feedback
phase 1 of customer discovery
state hypothesis, draw business model canvas
phase 2 of customer discovery
test the problem, build the prototype
phase 3 of customer discovery
test the solution, market the product
phase 4 of customer discovery
verify or pivot–do people agree with the product?
what do you consider during market analysis?
is my solution practical as a business? how big is the opportunity?
how do you determine the total available market?
who is most likely to buy? who would want/need the product? how do i find them?
what is the target market?
more specific and you must get out of the building to determine
phase 1 of customer validation
get ready to sell
phase 2 of customer validation
test sell, get out of the building
phase 3 of customer validation
develop, design and describe the product
phase 4 of customer validation
verify or pivot
value proposition for Theo’s chocolate
fair trade, being a first mover, aligned with customer desires
things Theo’s did right
strategic partnership with cofounders and suppliers, transparency for their facility through giving tours, made pivots, went from incubation to acceleration
how did the Hershey activity demonstrate concepts from our course?
listening to customers, better understanding customers, testing hypothesis
